AG: Guilty plea by SarCo insurance agent who bilked couple

Attorney General Eric Schneiderman’s office secured a guilty plea against Joseph A. Marvullo, a Saratoga County insurance agent who admitted to bilking an elderly Dutchess County couple out of more than $300,000 over an eight-year period.

Marvullo, a 64-year-old Greenfield resident who ran his agency out of Queensbury, is no stranger to state law enforcement: He was initially arraigned on a charge of grand larceny in 2010, when Gov. Andrew Cuomo was serving as AG. At that time, Marvullo was accused of offering to sell a Fort Ann couple annuity policies as high-yield investments; he took $26,100 in checks made payable directly to him and never purchased any annuity policies or returned the money when the couple demanded it back. Following his plea in that case, Marvullo’s insurance license was pulled by the state.

But that sum was pin money compared to what the AG’s office revealed on Thursday: The Dutchess County couple — who met Marvullo through their church — sold their own annuities and wrote Marvullo more than 80 checks totaling at least $308,652.71. None of it was used to buy insurance or investment products, the AG’s office said.

From the release:

When the victims sought to withdraw funds from the investments that Marvullo falsely claimed to have made on their behalf, he strung them along for years. He avoided meetings and calls while seeking to retain their trust and sympathy. He claimed various personal misfortunes, including health problems and marital troubles, and laced his emails with various religious references, typically signing them “GOD BLESS-JOE.” He was caught when the victims got fed up with his excuses and reported him to the Attorney General’s office.

Marvullo pleaded pleaded guilty in Dutchess County Court to one count of grand larceny in the second degree, a felony.

“Today a financial predator is being held accountable for brazenly stealing hundreds of thousands of dollars from an elderly couple,” Schneiderman said in a statement. “My office will swiftly bring to justice those who abuse the trust of vulnerable New Yorkers to steal their life savings.”

Marvullo faces between two and 15 years in prison at his sentencing, scheduled for Sept. 10. He also agreed to pay more than $300,000 in restitution and will be barred from working “in any consumer, insurance, or investment matters,” according to the AG’s office.

The AG’s office invites anyone else who thinks they might have been bilked by Marvullo to call their helpline at (800) 771-7755.